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New tenancy deposit protection scheme launched

A new tenancy deposit protection scheme is being launched in England & Wales to offer greater choice to private sector landlords. Created by the Tenancy Deposit Scheme (TDS) in association with the Residential Landlords Association (RLA), it is hoped the new offering will assist landlords looking to make the most of the growing buy-to-let sector.

Any assured shorthold tenancy that started after April 2007 must be protected through a government authorised deposit protection scheme for landlords. Failure to do so can mean fines of up to three times the deposit amount.

Until now, the Tenancy Deposit Scheme has been available primarily to regulated letting agents. To be called Deposit Guard, the new scheme will provide private landlords with much greater choice in the market.

Steve Harriott, chief executive of the TDS, says: "Landlords can save time and money by keeping hold of the deposit - as well as taking advantage of market-leading rates."